Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Business First Bancshares, Inc. $BFST

Key Points

• Connor Clark & Lunn initiated a 49,454-share position in Business First Bancshares valued at approximately $1.52 million, while institutional investors collectively own 47.35% of BFST.
• Analysts remain bullish: five analysts rate the stock a Buy, with a consensus price target of $34.75 versus its reported $31.21 opening price.
• Business First Bancshares slightly exceeded quarterly earnings expectations, reporting $0.71 in EPS and $91.81 million in revenue, and declared a quarterly dividend of $0.15 per share.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Business First Bancshares, Inc. (NASDAQ:BFST - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 49,454 shares of the company's stock, valued at approximately $1,520,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.15% of Business First Bancshares as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its stake in Business First Bancshares by 15,600.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,099 shares of the company's stock valued at $29,000 after purchasing an additional 1,092 shares in the last quarter. FWL Investment Management LLC acquired a new stake in Business First Bancshares during the third quarter worth about $42,000. Tower Research Capital LLC TRC increased its holdings in Business First Bancshares by 389.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,669 shares of the company's stock valued at $66,000 after buying an additional 2,124 shares during the period. CWM LLC raised its position in shares of Business First Bancshares by 36.5% in the 4th quarter. CWM LLC now owns 4,446 shares of the company's stock valued at $116,000 after buying an additional 1,188 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new position in shares of Business First Bancshares in the 3rd quarter valued at approximately $123,000. Institutional investors own 47.35% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BFST shares. DA Davidson upped their price target on shares of Business First Bancshares from $33.00 to $35.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Stephens upped their price objective on Business First Bancshares from $34.00 to $36.00 and gave the stock an "overweight" rating in a research report on Friday, July 24th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Business First Bancshares in a research note on Monday, July 6th. Finally, Hovde Group lifted their target price on Business First Bancshares from $36.00 to $37.00 and gave the company an "outperform" rating in a research report on Thursday. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Business First Bancshares presently has an average rating of "Buy" and a consensus price target of $34.75.

Business First Bancshares Stock Down 0.1%

Shares of BFST opened at $31.21 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.01 and a current ratio of 1.01. Business First Bancshares, Inc. has a 52 week low of $22.56 and a 52 week high of $32.53. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 11.07 and a beta of 0.78. The stock has a fifty day moving average of $31.08 and a 200-day moving average of $28.97.

Business First Bancshares (NASDAQ:BFST - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.01. Business First Bancshares had a return on equity of 11.03% and a net margin of 17.07%.The business had revenue of $91.81 million for the quarter, compared to analyst estimates of $91.31 million. As a group, sell-side analysts anticipate that Business First Bancshares, Inc. will post 3.02 earnings per share for the current fiscal year.

Business First Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Saturday, August 15th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.60 annualized dividend and a dividend yield of 1.9%. Business First Bancshares's dividend payout ratio is currently 21.28%.

Insider Buying and Selling at Business First Bancshares

In related news, COO Keith Mansfield sold 4,200 shares of Business First Bancshares stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $32.08, for a total transaction of $134,736.00. Following the sale, the chief operating officer directly owned 77,139 shares in the company, valued at $2,474,619.12. This trade represents a 5.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Donald Chad Carter sold 1,875 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $31.64, for a total transaction of $59,325.00. Following the sale, the executive vice president directly owned 12,642 shares in the company, valued at $399,992.88. The trade was a 12.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 78,275 shares of company stock worth $2,435,775 in the last 90 days. Corporate insiders own 5.67% of the company's stock.

Business First Bancshares Profile

Business First Bancshares, Inc is the bank holding company for Business First Bank, a regional community bank headquartered in Louisville, Kentucky. Through its wholly owned subsidiary, the company provides a full suite of commercial and retail banking services to small and medium-sized businesses, professionals and individual consumers. Business First Bancshares operates under a community-focused model, emphasizing personalized service, local decision-making and relationship banking.

The company’s primary business activities include commercial lending, treasury and cash management, and deposit services.

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